Exam 1 Study Guide free essay sample

What was the 2012 earnings per share? a. $2. 33 b. $0. 40 c. $33. 33 d. $2. 50 6. Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2012 Cash$ 130,000Accounts Payable$ 140,000 Prepaid Insurance60,000Salaries Payable20,000 Accounts Receivable100,000Mortgage Payable 160,000 Inventory 140,000 Total Liabilities$320,000 Land held for Investment150,000 Land180,000 Buildings$200,000Common Stock$240,000 Less AccumulatedRetained Earnings 500,000 Depreciation(40,000)160,000 Total Stockholders’ Equity$740,000 Trademarks 140,000 Total Liabilities and Total Assets$1,060,000 Stockholders’ Equity$1,060,000 a. $580,000. b. $430,000. c. $360,000. d. $290,000. 7. Using the following balance sheet and income statement data, what is the total amount of working capital? Current assets$ 14,000Net income$ 24,000 Current liabilities8,000Stockholders’ equity42,000 Average assets 80,000Total liabilities18,000 Total assets 60,000 Average common shares outstanding was 10,000 a. $ 2,000 b. $14,000 . $ 4,000 d. $ 6,000 8. Stockholders’ equity is increased by a. dividends. b. revenues. c. expenses. d. liabilities. 9. McKinney Corporation had beginning retained earnings of $2,292,000 and ending retained earnings of $2,499,000. During the year they issued common stock totaling $141,000. What was their net income for the year? a. We will write a custom essay sample on Exam 1 Study Guide or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page $207,000 b. $ 66,000 c. $348,000 d. $273,000 10. The purchase of an asset by paying cash a. increases assets and stockholders’ equity. b. increases assets and liabilities. c. decreases assets and increases liabilities. d. eaves total assets unchanged. 11. Which of the following accounts has a normal debit balance? a. Accounts Payable b. Prepaid Rent c. Retained Earnings d. Common Stock 12. When a company has performed a service but has not yet received payment, it a. debits accounts receivable and credits revenue from services. b. debits revenue from services and credits accounts receivable. c. debits revenue from services and credits accounts payable. d. makes no entry until the cash is received. 13. When a company receives a utility bill but will not pay it right away, it should . debit Utilities Expense and credit Accounts Receivable. b. debit Utilities Expense and credit Accounts Payable. c. debit Accounts Payable and credit Utilities Expense. d. make no entry until the b ill is paid. 14. In a service-type business, revenue is considered earned: a. at the end of the month. b. at the end of the year. c. when the service is performed. d. when cash is received. 15. The following is selected information from L Corporation for the fiscal year ending October 31, 2011. Cash received from customers| $300,000| Revenue earned | 370,000| Cash paid for expenses| 170,000| Cash paid for computers on November 1, 2010 that will be used for 3 years| 48,000| Expenses incurred including any depreciation| 216,000| Proceeds from a bank loan, part of which was used to pay for the computers| 100,000| Based on the accrual basis of accounting, what is L Corporation’s net income for the year ending October 31, 2011? a. $184,000 b. $154,000 c. $152,000 d. $170,000 16. Boyce Company purchased office supplies costing $5,000 and debited Office Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $1,400 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: a. debit Office Supplies Expense, $3,600; credit Office Supplies, $3,600. b. debit Office Supplies, $1,400; credit Office Supplies Expense, $1,400. c. debit Office Supplies Expense, $1,400; credit Office Supplies, $1,400. d. debit Office Supplies, $3,600; credit Office Supplies Expense, $3,600. 17. On January 1, 2010, Leardon Inc. urchased equipment for $45,000. The company is depreciating the equipment at the rate of $600 per month. At January 31, 2010, the adjusting entry would be: in Accumulated Depreciation is: a. debit Accumulated Depreciation $600 b. credit Accumulated Depreciation $600 c. cebit Equipment $600 d. credit Depreciation Expense $600 18. The closing entry process consists of closing: a. all asset and liability accounts. b. out the Retained Earnings account. c. all permanent accou nts. d. all temporary accounts.

Free Essays on Sound Waves

Sound Waves Sound is everywhere. It plays an important role in almost everything that we do in our lives and we take it for granted. Whether it’s the sound that the wind makes when it rustles the tree branches or the music coming out of our speakers, all sound is composed of little sound waves that are made by slight vibrations. These slight vibrations in any object move the air particles around the object in an outward motion and cause a sound when these waves hit your eardrums. Sound waves come in many different types, shapes, and sizes but they all share the same principles and characteristics. Sound waves are a part of every noise and they are imperative to sound perception. A wave of sound can be considered as a disturbance that travels through some material called a medium, transporting energy from one location to another. (Henderson) Such waves that seem to be hooked onto one another in a straight line are characterized as mechanical waves. When the first particle is disturbed it then moves the second particle on the line because they are hooked together and touching. Once the second particle starts moving, the third will be disturbed by the second particle’s movement and the fourth particle will be disturbed by the third particle’s movement and so on. The vibration will be passed on consecutively and the energy that was first introduced in the first particle will move on and on from particle to particle in that medium. These mechanical waves can best be described as producing longitudinal waves. In a longitudinal wave, the medium would most commonly be the surrounding air particles that vibrate toward a certain direction. The individual particles of the medium will always move in a direction that is parallel to the direction that the energy is being applied. (Kriz) For instance, if someone is talking to another person, the sound waves produced by the vocal chords will move in a direction in which the person is faced. ... Free Essays on Sound Waves Free Essays on Sound Waves Sound Waves Sound is everywhere. It plays an important role in almost everything that we do in our lives and we take it for granted. Whether it’s the sound that the wind makes when it rustles the tree branches or the music coming out of our speakers, all sound is composed of little sound waves that are made by slight vibrations. These slight vibrations in any object move the air particles around the object in an outward motion and cause a sound when these waves hit your eardrums. Sound waves come in many different types, shapes, and sizes but they all share the same principles and characteristics. Sound waves are a part of every noise and they are imperative to sound perception. A wave of sound can be considered as a disturbance that travels through some material called a medium, transporting energy from one location to another. (Henderson) Such waves that seem to be hooked onto one another in a straight line are characterized as mechanical waves. When the first particle is disturbed it then moves the second particle on the line because they are hooked together and touching. Once the second particle starts moving, the third will be disturbed by the second particle’s movement and the fourth particle will be disturbed by the third particle’s movement and so on. The vibration will be passed on consecutively and the energy that was first introduced in the first particle will move on and on from particle to particle in that medium. These mechanical waves can best be described as producing longitudinal waves. In a longitudinal wave, the medium would most commonly be the surrounding air particles that vibrate toward a certain direction. The individual particles of the medium will always move in a direction that is parallel to the direction that the energy is being applied. (Kriz) For instance, if someone is talking to another person, the sound waves produced by the vocal chords will move in a direction in which the person is faced. ...